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by Stockwatch Business Reporter

West Texas Intermediate crude for November delivery lost $2.61 to $58.90 on the New York Merc, while Brent for December lost $2.49 to $62.73 (all figures in this para U.S.). Western Canadian Select traded at a discount of $11.10 to WTI, up from a discount of $11.20. Natural gas for November lost 16 cents to $3.10. The TSX energy index tumbled 9.52 points to close at 282.53.

Oil prices recorded their second weekly loss in a row. Easing geopolitical tensions in the Middle East, combined with rising tariff tensions as U.S. President Donald Trump threatened increased tariffs on China, drove oil prices down to their lowest level in five months. Here in Canada, oil stocks tumbled with oil prices, perhaps leading to some long faces over the long weekend (with markets closed Monday for Thanksgiving). Major tumblers included Baytex Energy Corp. (BTE), down 32 cents to $3.27, Obsidian Energy Ltd. (OBE), down 78 cents to $8.64, and Vermilion Energy Inc. (VET), down 81 cents to $10.57.

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